Premium Two-Wheeler Tire Market to witness Steady Growth till 2026
Advancements in the tire
technology and the need for frequent replacement of tires is expected to drive
the demand for global premium two-wheeler tire market in the forecast period.
According to TechSci Research report, “Global Premium
Two-Wheeler Tire Market By Type (Standard, Cruiser, Sport, Touring,
Adventure Sport) By Demand Category (OEM vs Replacement) By Tire Type (Radial
vs Bias) By Rim Size (up to 16inch, 16-17inch, Above 17inch), By Region,
Company Forecast & Opportunities, 2026”, The global premium two-wheeler
tire market is expected to witness significant growth in the forecast period.
An increase in the number of CKD and SKD units and the launch of advanced and
novel motorbikes brands and models is contributing to the premium two-wheeler
tire market growth. The surge in the popularity of superbikes clubs and
communities is increasing the demand for premium two-wheeler vehicles across
the globe. An increase in the biking culture and the presence of a huge youth
population are paving for market growth. The high-performance benefits obtained
by using the premium two-wheeler tire such as superior response while driving,
high-speed driving, better traction for optimum control, amongst others are
expected to influence the demand for premium tires in the next five years.
Premium tires also provide lower rolling resistance, higher cushioning to lower
the road noise, and improved tread grooves and patterns to improve the
performance of the two-wheeler vehicles.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities across the world imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Manufacturing units were temporarily shut down and the
shortage of workforce was observed due to the movement of the workers to their
native places. Disruption in the supply chain was observed owing to the
restrictions on the import and export activities which negatively impacted the
market growth. People started preferring to travel in personal vehicles instead
of shared or public vehicles to avoid getting infected by the novel coronavirus
that increased the demand for private vehicles including two-wheeler vehicles
and premium two-wheeler vehicles.
However, the price fluctuations of the rubber which is
used as a raw material to make tires may create hindrance in the global premium
two-wheeler tire market growth.
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Global
premium two-wheeler tire market is segmented into type, demand category, tire
type, rim size, regional distribution, and company. Based on the demand
category, the market can be bifurcated into OEM and replacement. The
replacement category is expected to witness growth in the forecast
period,.2022-2026. The high sales of premium two-wheeler vehicles the
subsequent wear down of the vehicles is the major driving factor for the growth
of this segment. An increase in the consumer awareness and availability of
major tire selling premium tires via online and offline sales channels is
expected to contribute to the market growth. Based on the type, the market can
be divided into standard, cruiser, sport, touring, and adventure sport. The
sports segment is expected to witness significant growth in the next five years
owing to its affordable nature and it can be used for multiple purposes such as
long drives, sporting events, amongst others.
Compagnie
Générale des Établissements Michelin, Pirelli & C. S.p.A., Continental AG,
Dunlop Tires, Bridgestone Tire Co., Ltd., Apollo Tyres Limited, The Goodyear
Tire & Rubber Company, Cheng Shin Rubber Ind. Co. Ltd., INOUE RUBBER CO.,
LTD., Kenda Rubber Industrial Company are the leading players operating in global
premium two-wheeler tire market. Manufacturers are increasingly focusing on research
and development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several premium
two-wheeler tire manufacturers are coming up with their technologically
advanced offerings.
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“Increasing
adoption of the tire-pressure monitoring system in automobiles is aiding in the
growth of the premium two-wheeler tire market in the next five years. These
advanced system monitors, measures, and informs, and generates real-time
information and helps in avoiding the under-inflated tire condition which
increases the fuel efficiency of the vehicle. Also, the advanced technology in
the novel two-wheeler vehicles such as the use of sensors to provide the
improved tire management facility, and it can be connected with the smartphones
for information communication to the consumers is fueling the growth of the
premium two-wheeler tire market in the next five years. High penetration of
internet services and the proliferation of smart devices is further expected to
propel the market growth till 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global
Premium Two-Wheeler Tire Market By Type (Standard, Cruiser, Sport, Touring,
Adventure Sport) By Demand Category (OEM vs Replacement) By Tire Type (Radial
vs Bias) By Rim Size (up to 16inch, 16-17inch, Above 17inch), By Region,
Company Forecast & Opportunities, 2026” has evaluated
the future growth potential of global premium two-wheeler tire market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of global premium
two-wheeler tire market.
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